For liability reasons it "wouldn't be prudent" for us to give you direct advice on this topic but here are some excellent sources of information for you to review with either your CPA or Tax Lawyer.
IRS Links:
IRS FAQ re: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
IRS Publication 4681 re: Canceled, Debts, Foreclosures and Abandonments
Posted by Ben Nicolas on
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